PUNE, India - The global heat exchangers market was valued $12.61 billion in 2015 and is projected to reach $20.12 billion by 2022, growing at a compound annual growth rate (CAGR) of 6.9 percent from 2016 to 2022, according to Heat Exchangers Market Report published by Allied Market Research. The shell and tube heat exchanger segment held approximately one-fourth of the total market share in 2015.

Heat exchangers are devices designed to transfer heat between two or more fluids and between a solid surface and fluids at different temperatures. In several heat exchangers, such as gasketed and brazed type, heat transfer between fluids takes place through a separating wall or heat transfer takes place in and out of a wall in a transient manner (transfer of heat from one medium to another medium). In gasketed plate heat exchangers, the fluids are separated by a compact and lightweight heat transfer surface, thereby avoiding sizing problems and acting as an efficient method for heat exchange between two liquid streams. These are used in power plants, chemical plants, natural gas processing, sewage treatment, and petroleum refineries. They are also used in air conditioning and ventilation applications as they remove heat from engines. Moreover, enormous applications of plate and frame exchangers in food and beverage, petroleum, chemical, and hydrocarbon processing is expected to propel the market growth in coming years.